London, UK [December 2nd, 2010]
Future Strategies Inc. announced today the winners of the 2010 Global Awards for Excellence in Business Process Management (BPM) and Workflow.
Co-sponsored by WfMC and BPM.com and now in their 17th year, these prestigious awards recognize user organizations that have demonstrably excelled in implementing innovative business process solutions to meet strategic business objectives. There are five geographical regions and each region receives Gold and Silver Awards. Bizagi and Instituto de Crédito Oficial (ICO) in Spain have been awarded with the 2010 Gold Award for Europe, competing against the most representative BPM solutions worldwide.
ICO is a public entity that works for the development and improvement of national wealth, controlled by the Spanish government. The business case nominated by Bizagi was ICO´s Financial Facilitator.
Devastating effects of the recent global financial crisis resulted in freezing of corporate credit for SMBs and self-employed. As a response to this challenge the Spanish Government decided to provide, through the ICO, the Financial Facilitator, an analytical and consulting tool that facilitates access by the SMBs and the self-employed to sources of finance to enable them to undertake their corporate and professional projects. ICO selected Bizagi to model and automate the credit application and pre-approval management process handled by the Financial Facilitator. The implementation of the project was carried out together with PricewaterhouseCoopers, a company that combines a vast knowledge in credit approval processes with extensive experience in the implementation of Bizagi.
The implementation was done in record time and the Spanish government was able to expand, control and support the lines of credit, helping to reactivate the financial sector. The Financial Facilitator receives and processes hundreds of credit applications at the same time, which has helped to unblock the flow of credit in that country.